President of the African Development Bank (AfDB), Akinwumi Adesina, has announced that the AfDB and the World Bank Group are pledging $40 billion towards the Mission 300 initiative.
Mission 300 aims to provide electricity to 300 million Africans by 2030.
This disclosure was made during his opening remarks titled, “From Ideas to Action to Accelerate Energy Access,” at the Mission 300 Africa Energy Summit held on Tuesday in Dar es Salaam, Tanzania.
Adesina revealed that the financial commitment includes $18.2 billion from the AfDB and $22 billion from the World Bank.
He noted that support from other partners is increasing, with significant pledges from the Islamic Development Bank, Asian Infrastructure Investment Bank, and the OPEC Fund.
Dr. Adesina expressed gratitude for the technical and financial contributions from partners such as the Rockefeller Foundation.
Adesina urged African leaders to seize the moment, stating, “Together, let us decisively use Mission 300 to provide 300 million people in Africa with electricity by 2030.”
He also highlighted the AfDB’s Desert to Power initiative, which aims to deliver 10,000 megawatts of solar power to 11 countries, bringing electricity to an additional 250 million people. Together, these efforts are expected to transform the continent, providing universal access to electricity in Africa.
AfDB’s New Deal on Energy for Africa
According to Adesina, the lack of electricity reduces Africa’s Gross Domestic Product by 2% to 4%. He highlighted the progress made under the AfDB’s New Deal on Energy for Africa, launched in 2016, noting that the share of the African population with access to electricity has risen from 39% in 2015 to 52% in 2024.
He noted that over 25 million people have gained access to electricity through AfDB’s initiatives. However, despite these gains, significant challenges remain, with 571 million Africans still living without electricity, constituting 83% of the global population without power.
- Additionally, over a billion people lack access to clean cooking solutions, with dire consequences for women’s and children’s health.
- To address these challenges, the AfDB and its partners have launched Mission 300, an ambitious goal to provide electricity to 300 million Africans by 2030. Dr. Adesina acknowledged the global coalition behind the initiative, including the African Union Commission, the World Bank, the Rockefeller Foundation, and others. “Mission 300 has grown into a global movement.
Together, we are creating a brighter future for millions of Africans. This coalition represents an unprecedented alliance of financial and technical resources,” he said.
What you should know
World Bank President Ajay Banga emphasized the significance of collaboration to tackle energy poverty across the continent.
- He noted that over the next decade, 360 million young people in Africa will be ready to enter the workforce, yet the current system will only offer jobs to 150 million of them, leaving three out of every five young people without the opportunity for a job. “Forecasts are not destiny; together, we can change this reality,” said Banga.
- Reflecting on the collaborative nature of the initiative, Banga acknowledged the contributions of key partners, including the AfDB and philanthropists such as Dr. Raj Shah of the Rockefeller Foundation.
“No one can do this alone. Governments cannot do it alone. Businesses cannot do it alone. Development banks cannot do it alone. But together, we can,” he stated. He outlined the World Bank Group’s commitment, announcing that $30 billion to $40 billion would be directed towards Mission 300 over the next six years.
The African Development Bank Group finances projects, programs and research in all sectors of economic and social activity, notably in the fields of agriculture, water, energy, private sector development, the continent’s economic integration and gender equality.
